Buyer burnout: Good news for Seattle house hunters

(Image courtesy MGN Online)

SEATTLE - Would-be home buyers, burned out on the city's hyper-competitive real estate market, may want to consider jumping back in.

Analysts at Seattle-based Redfin track home buying statistics in 15 major metropolitan areas. On average, they have found a 17% drop in buyer interest since last summer.

Technically, Seattle bucks that trend. More home buyers were looking in June of this year than at the same time in 2015, according to the Redfin report. However, the company found less demand among buyers looking right now than in Spring 2016, when Seattle hit its last peak.

"Back in April, I wrote a handful of offers with no contingencies, escalating ten to twenty percent over list price and lost," says Redfin agent Karlyn Goetz. "It was cutthroat. That's the best word for it."

Repeated disappointment caused some of Goetz's clients to put their house hunting on hold. But she has noticed a difference in recent weeks.

"Now, when we submit an offer, we're up against two or three others," she says. "That's opposed to 10 offers, which I experienced a few months ago. Almost every time you wrote an offer, you knew you were going to be up against others."

Realtors say ebbs and flows are common in the course of a year. Still, prices are climbing and the hottest homes will go for more than the listing price.

But with those like Goetz seeing fewer competing offers, now might be the time for those on the fence to make their move.

"You still need to bring your 'A' game," Goetz says. "But I think it's safe to come back."

close video ad
Unmutetoggle ad audio on off